TO: All Employees
FROM: J.P. Mowery & Vicki Hammer
RE: 403(b) Annuities
DATE: July 30, 2010
As you are aware, The Pendleton County BOE offers
a retirement savings program as described under section 403(b)
of the IRS Code. This notice is to make you aware of the 403(b)
Plan and provide enrollment information.
Under the 403(b) Plan, employees may contribute on a pretax
basis to a 403(b) account, in which any investment earnings
grow tax-deferred until they are distributed. The employee is
responsible for investigating and selecting an investment service
program (a"vendor") from among the vendors available
under the 403(b) Plan and selecting from the investments offered
by the vendor. Understanding the tax and investment consequences
of the custodial account or annuity selected is your responsibility.
You may seek investment, legal, or tax advice if desired. IRS
Publication 571 (Tax Sheltered Annuity Programs for Employees
of Public Schools) is available at
www.irs.gov for further information and reference. Generally
all full time and part-time employees are eligible to participate
in the 403(b) Plan.
The contribution limit, set annually by the IRS, is $16,500
for 2010. To initiate payroll deductions to a 403(b) account
you must execute the Employer's Salary Reduction Agreement (SRA),
provided by the vendor you choose. It will then need to be sent
to the payroll department for processing.
It is our intent to protect your information and administer
the Pendleton County 403(b) Plan in accordance with applicable
laws and regulations. To assist us with this, we will be utilizing
the planwithease.com system to facilitate administration of
the Pendleton County 403(b) Plan and our compliance with the
403(b) regulation by tracking information received via encrypted
electronic data files over secure Internet channels.
Currently participating employees can access planwithease.com
on the Internet at the following address: http://www.planwithease.com.
Your user ID is your nine digit social security number and your
temporary password is your birth date in MMYY format. Upon entering
the site for the first time you will be asked to change your
password. After completing your password change, it is important
that you safeguard your password information.
Planwithease.com is a plan administration service
offered through ING Life Insurance and Annuity Company, which
makes available to you many features to help make accessing
your plan easier.
If you have any questions regarding planwithease.com
including next steps for implementation, please contact the
Board Office at 304-358-3303 ext. 125 or 129.